You current job is one you enjoy working for a large farm? You will probably be running newer equipment, enjoy a wider range of farming, and use more updated technology at that large farm than you will striking out on your own. Are your most important goals to be closer to family, to enjoy farm work, or to start your own business? To be profitable you may need to find a niche with little competition (do something other farmers don't do), start a side business or take a part-time job in the off-seasons.
How often will you need to drive between the two locations (three trips a week during the growing season)? Would you need to setup two households so you can stay several days in a row at one farm? If you quit your job, plan to have your wife work off-farm to bring in benefits like health insurance, life insurance, dental, eye glasses, paid vacation, maturnity leave, retirement plan and a steady income. Take a good look at all your expenses and pencil out how to meet farm expenses, pay off the farm and house mortgages, and still pay yourself a decent living for your family, even with one year out of four being a breakeven (zero income) year for the farm. Be realistic about row-crop yields, profits, and off-farm wages in the Northwoods. Consider your marketing strategy. Can you survive storing a crop for 6 months to sell at better market prices or will you need to sell at harvest regardless of price.
What are your long term prospects to do custom row-crop farming, custom haying, custom livestock farming, or manage farms for other people at each location? The benefits would be less risk, less capital investment and a steady income possibly with some paid benefits.
You might try taking your plans to an Ag lender at each location to find out what you need to get started, how well similar farms have done at each location, and the long term outlooks.
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Today's Featured Article - Restoration Story: 1929 McCormick-Deering 10-20 - by Randal Simmon. On July 4th 1998 my dad and I was sitting on the front porch when he said that he was going to sell his two 10-20's to a junk man. He said that the junk man was going to give him $500 for both of them but he hadn't received the money for them yet. So I went into the house and wrote him a check for $500 and bought them myself and said now they are mine. He had bought them about five years before thinking that he was going to restore them himself. After five years sitting in the barn, he changed h
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